Democracy and Currency Legitimacy. Between Hyperinflation and Devaluation
Modern currency is not only the product of a process re lated to trade, but it is fundamentally a social institution. And as a public good, it must find the basis for its legitima cy in collective acceptance. What Argentina’s transition has demonstrated is the social role of currency in the consoli...
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| Lenguaje: | Español |
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Universidad Nacional de Rosario
2025
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| Acceso en línea: | https://relasp.unr.edu.ar/index.php/revista/article/view/159 |
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I15-R205-article-1592025-11-13T21:33:28Z Democracy and Currency Legitimacy. Between Hyperinflation and Devaluation Democracia y legitimidad de la moneda. Entre la hiperinflación y la devaluación Quiroga, Hugo Democracia moneda legitimidad estabilidad institución social Democracy currency legitimacy stability social institution Modern currency is not only the product of a process re lated to trade, but it is fundamentally a social institution. And as a public good, it must find the basis for its legitima cy in collective acceptance. What Argentina’s transition has demonstrated is the social role of currency in the consoli dation of democracy in the 90s. At that time, currency had clear institutionalizing capabilities; it was one of the pillars of democracy insofar as it formed part of the integrity of the social order. Just as in 1989 the hyperinflationary collap se destroyed the basic rules of the economy and annihilated the currency, today economic uncertainty, devaluation, and ongoing inflation have caused the peso to lose its status as a stable unit of reference. Both the hyperinflation of 1989 and the current crisis reveal a loss of confidence in the peso. Our experience has taught us that without currency, there is no public authority or social cohesion. Periods of monetary instability are times when society has serious difficulties in organizing the present and planning for the future. La moneda moderna no es sólo el producto de un proceso vinculado con el intercambio mercantil, sino que es funda mentalmente una institución social. Y en cuanto bien público debe encontrar en la aceptación colectiva el fundamento de su legitimidad. Lo que ha demostrado la transición argentina es el rol social de la moneda en la consolidación de la democracia en la década del noventa. En ese momento, la moneda tuvo claras capacidades institucionalizantes, fue uno de los pilares de la democracia en la medida en que formó parte de la integridad del orden social. Así como en 1989 el colapso hiperinflacionario destruyó las reglas básicas de la economía y aniquiló la moneda, hoy la incertidumbre económica, la devaluación y la inflación en curso han hecho perder al peso su carácter de unidad estable de referencia. Tanto la hiper inflación de 1989 como la crisis actual revelan la pérdida de confianza en el peso. Lo que ha enseñado nuestra experiencia es que sin moneda no hay autoridad pública ni cohesión so cial. Los períodos de inestabilidad monetaria son momentos en los cuales la sociedad tiene serias dificultades para ordenar el presente y proyectar el futuro. Universidad Nacional de Rosario 2025-11-13 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://relasp.unr.edu.ar/index.php/revista/article/view/159 10.35305/rr.v6i10.159 Revista Euro latinoamericana de Análisis Social y Político (RELASP); Vol. 6 Núm. 10 (2025); 15-43 2683-7420 2683-7420 spa https://relasp.unr.edu.ar/index.php/revista/article/view/159/216 https://creativecommons.org/licenses/by-nc-sa/4.0/ |
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Universidad Nacional de Rosario |
| institution_str |
I-15 |
| repository_str |
R-205 |
| container_title_str |
RELASP |
| language |
Español |
| format |
Artículo revista |
| topic |
Democracia moneda legitimidad estabilidad institución social Democracy currency legitimacy stability social institution |
| spellingShingle |
Democracia moneda legitimidad estabilidad institución social Democracy currency legitimacy stability social institution Quiroga, Hugo Democracy and Currency Legitimacy. Between Hyperinflation and Devaluation |
| topic_facet |
Democracia moneda legitimidad estabilidad institución social Democracy currency legitimacy stability social institution |
| author |
Quiroga, Hugo |
| author_facet |
Quiroga, Hugo |
| author_sort |
Quiroga, Hugo |
| title |
Democracy and Currency Legitimacy. Between Hyperinflation and Devaluation |
| title_short |
Democracy and Currency Legitimacy. Between Hyperinflation and Devaluation |
| title_full |
Democracy and Currency Legitimacy. Between Hyperinflation and Devaluation |
| title_fullStr |
Democracy and Currency Legitimacy. Between Hyperinflation and Devaluation |
| title_full_unstemmed |
Democracy and Currency Legitimacy. Between Hyperinflation and Devaluation |
| title_sort |
democracy and currency legitimacy. between hyperinflation and devaluation |
| description |
Modern currency is not only the product of a process re lated to trade, but it is fundamentally a social institution. And as a public good, it must find the basis for its legitima cy in collective acceptance. What Argentina’s transition has demonstrated is the social role of currency in the consoli dation of democracy in the 90s. At that time, currency had clear institutionalizing capabilities; it was one of the pillars of democracy insofar as it formed part of the integrity of the social order. Just as in 1989 the hyperinflationary collap se destroyed the basic rules of the economy and annihilated the currency, today economic uncertainty, devaluation, and ongoing inflation have caused the peso to lose its status as a stable unit of reference. Both the hyperinflation of 1989 and the current crisis reveal a loss of confidence in the peso. Our experience has taught us that without currency, there is no public authority or social cohesion. Periods of monetary instability are times when society has serious difficulties in organizing the present and planning for the future. |
| publisher |
Universidad Nacional de Rosario |
| publishDate |
2025 |
| url |
https://relasp.unr.edu.ar/index.php/revista/article/view/159 |
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AT quirogahugo democracyandcurrencylegitimacybetweenhyperinflationanddevaluation AT quirogahugo democraciaylegitimidaddelamonedaentrelahiperinflacionyladevaluacion |
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2025-12-04T05:07:51Z |
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